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# Small Business Can Harness the Power of Artificial Intelligence To Compete With Larger Corporations (Part II)
- URL: https://datacatalyst.org/small-business-can-harness-the-power-of-artificial-intelligence-to-compete-with-larger-corporations-part-ii/
- Published: 2023-07-13T19:56:51.000Z
- Updated: 2026-09-23T16:59:51.000Z
- Description: The advent of artificial intelligence is here, and small businesses stand poised to take advantage of this modern technological revolution.
- Author: Shannen Patel
- Tags: Insights, Research Archive, AI, antitrust, artifical intelligence, big tech, competition, congress, digital tools, generative ai, retail, small business

Cutting-edge modern small businesses are a far cry from the mom-and-pop shops of old. As [previously explored on DCI Insights](https://datacatalyst.org/small-business-can-harness-the-power-of-artificial-intelligence-to-compete-with-larger-corporations/), the advent of artificial intelligence (AI) is here. Research from [McKinsey](https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-AI-the-next-productivity-frontier?ref=datacatalyst.org#introduction) indicates AI technology could unlock over $20 trillion in economic benefits annually, and small businesses (SMBs) stand poised to take advantage of this modern technological revolution. 

With an AI market that’s [more competitive than ever before](https://springboardccia.com/2023/07/10/with-record-levels-of-investment-innovation-and-new-entrants-ai-is-more-competitive-than-ever/?ref=datacatalyst.org), small businesses have a plethora of options for where to get their AI fix. According to American Express’ [Small Business Financial Confidence Report](https://www.americanexpress.com/en-us/business/trends-and-insights/articles/report-confidence-split-as-small-businesses-look-to-ai-hiring-tools/?ref=datacatalyst.org), more than half of small business owners use artificial intelligence to help run their business. Of the businesses that do not employ AI, 65% state that they would consider or maybe consider doing so in the future. Perhaps most interesting is that small businesses are utilizing AI to make business decisions; 41% [report](https://www.americanexpress.com/en-us/business/trends-and-insights/articles/report-confidence-split-as-small-businesses-look-to-ai-hiring-tools/?ref=datacatalyst.org) that their business currently prioritizes artificial intelligence to help make business decisions. This is one way SMBs could gain an advantage over their larger, more experienced, and/or better-staffed competitors. 

Although the goings-on are early, small business leaders who employ AI recognize its value and contribution to their businesses. According to a [BredIn report](https://bredin.com/blog/2023/05/bredin-report-how-smbs-benefit-from-ai/?ref=datacatalyst.org), at least two in three small businesses using AI rate its contribution as very or extremely significant, and SMB satisfaction with AI is very high, rating it roughly an eight on a 10-point scale (10 being the highest).

While it may be too soon to draw conclusions about AI’s impact on small business, these findings are a promising sign of the service that AI can provide to small businesses going forward. 

To read Part I, visit [here](https://datacatalyst.org/small-business-can-harness-the-power-of-artificial-intelligence-to-compete-with-larger-corporations/).

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*Shannen Patel is a Managing Editor at the Data Catalyst Institute.*